Ocean Power Technologies Awarded $2.75 Million by US Navy for
Maritime Security Program

October 04, 2010 02:00 AM Eastern Daylight Time

PENNINGTON, N.J.--(BUSINESS WIRE)--Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT" or “the Company") announces that the US Navy has
awarded $2.75 million in additional funding to OPT for a second stage
under its existing contract to provide an autonomous PowerBuoy®
wave energy conversion system for the Navy’s near-coast anti-terrorism
and maritime surveillance program.

The new award follows the successful completion by OPT of the first
stage of a four-year $15.0 million project for the US Navy’s Littoral
Expeditionary Autonomous PowerBuoy (LEAP) program.

Charles F. Dunleavy, Chief Executive Officer of OPT, said: “OPT is
delighted to receive this new funding from the US Navy. We appreciate
the confidence that the Navy has shown in OPT and our autonomous
PowerBuoy, which is based on a long-standing and productive partnership.
Over a numbers of years, the US Navy has provided key funding to OPT for
the development of our core PowerBuoy technology. This has provided the
platform from which we have developed our autonomous PowerBuoy, as well
as our 150 kilowatt-rated utility PowerBuoys now being built in Oregon
and Scotland. With the recent achievement of grid-connection of our
PowerBuoy at the Marine Corps Base in Hawaii and progress on the Navy’s
Deep Water Active Detection System program, we look forward to
strengthening our relationship with the Navy to harness wave power for
maritime security and utility applications.”

During the first 12-month stage under the LEAP program, OPT successfully
completed delivery of the design and testing of a new power take-off
system for its autonomous PowerBuoy. This represents a major step toward
developing a LEAP-based vessel detection system. OPT’s sub-contractor,
Rutgers University, contributed to the system’s radar network and
communications infrastructure, while Mikros Systems Corporation provided
the interface to the Navy’s tactical system. In the second stage of the
program, also to be performed over a one-year period, the Company will
build and ocean-test a LEAP system off the coast of New Jersey.

Dr. Philip R. Hart, OPT’s Chief Technology Officer, stated: “There were
some significant technical challenges in providing a power generation
and delivery product to the exact requirements given to us by the Navy.
However, using its unique knowledge and know-how, the team has delivered
a high quality product that meets or exceeds all those customer targets.”

The LEAP program, first announced in October 2009, is aimed at enhancing
the US Navy’s homeland security and force protection capability through
the provision of continuous non-grid connected power at sea. The
objective entails combining a number of technologies, including at-sea
sensors, communications, real-time signal processing and OPT’s PowerBuoy
with the ultimate aim of developing a vessel detection system. The
benefits for the United States are expected to include protection for
critical infrastructure, drug traffic interdiction and detection of
surface and subsurface maritime threats. The project has received strong
support from the New Jersey congressional delegation.

Forward-Looking Statements

This release may contain "forward-looking statements" that are within
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect the Company's
current expectations about its future plans and performance, including
statements concerning the impact of marketing strategies, new product
introductions and innovation, deliveries of product, sales, earnings and
margins. These forward-looking statements rely on a number of
assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary materially
from those anticipated or expressed in any forward-looking statement
made by the Company. Please refer to the Company's most recent Form 10-K
for a further discussion of these risks and uncertainties. The Company
disclaims any obligation or intent to update the forward-looking
statements in order to reflect events or circumstances after the date of
this release.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean
wave resources to generate reliable, clean and
environmentally-beneficial electricity. OPT has a strong track record in
the advancement of wave energy and participates in a $150 billion annual
power generation equipment market. The Company's proprietary PowerBuoy®
system is based on modular, ocean-going buoys that capture and convert
predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading developer of on-grid and autonomous
wave-energy generation systems, benefiting from over a decade of
in-ocean experience. OPT’s technology and systems are insured by Lloyds
Underwriters of London. OPT is headquartered in Pennington, New Jersey
with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.